Clause 7

by deleting subsection (5) and substituting the following subsection:“(5) An assessment under subsection (1) or (2) of an amount of tax due for any prescribed accounting period shall not be made —

in the case of a prescribed accounting period ending before 1st January 2007, more than 7 years from the end of the prescribed accounting period; and

in the case of a prescribed accounting period ending on or after 1st January 2007, more than 5 years from the end of the prescribed accounting period.”; and

by inserting, immediately after subsection (10), the following subsections:“(10A) Where the Comptroller raises an assessment under subsection (1) upon the failure of a person to make any returns, and, subsequent to such assessment, the person makes a return, the Comptroller may, in his discretion, take into account the return and revise his assessment as he deems fit.(10B) For the purpose of subsection (10A), where a person makes a return in respect of a prescribed accounting period ending on or after 1st January 2007 more than 5 years from the end of the prescribed accounting period, the return shall be treated as not having been made.”.